Palantir (NYSE:PLTR) stock is on the rise Tuesday morning after the company posted earnings for the first quarter of 2023.
That earnings report starts out positive for PLTR stock with its adjusted earnings per share of 5 cents. That’s better than the 4 cents per share Wall Street was expecting for the quarter. It’s also a 150% jump from the 2 cents reported in the first quarter of 2022.
To go along with that, Palantir’s revenue for the first quarter of the year came in at $525.19 million. Yet again, that’s above analysts’ revenue estimate of $505.94 million. It also represents an 18% gain year-over-year from $446.36 million.
Alexander Karp, co-founder and CEO of Palantir, said the following in the earnings report:
“We were profitable again this quarter… And we now anticipate that we will remain profitable each quarter through the end of the year. The depth of engagement with and demand for our new Artificial Intelligence Platform (AIP) is without precedent.”
Guidance Boosts PLTR Stock
Palantir’s outlook for the full year of 2023 has it expecting revenue between $2.185 billion and $2.235 billion. With a midpoint of $2.21 billion, that’s sitting just above Wall Street’s revenue estimate of $2.2 billion for the year.
Investors are reacting well to this earnings report with shares of PLTR stock climbing 15.8% higher as of Tuesday morning.
Traders looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market coverage worth knowing about on Tuesday! Among that is what has shares of Erytech Pharma (NASDAQ:ERYP), WeWork (NYSE:WE), and Duke Energy (NYSE:DUK) shares moving today. You can get up to speed on all that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
